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BFB Gallagher

Don’t wait until the examiners are onsite — get your nonqualified benefits program in shape before your next exam. In this webinar, expert presenter Rob Fitzgerald shares lessons learned and proactive strategies for remaining compliant based on BFB Gallagher's experience implementing thousands of participant plans and working with examiners across the country.More...

Overview

BFB Gallagher is a leading compensation consultant to credit unions. Since 1995, it has provided an increasingly wide range of retirement benefits and other compensation-related services to credit union executives, directors and employees. The organization aims to help credit unions recruit, reward and retain its talented executives.

BFB Gallagher’s broad expertise in the complex tax, accounting, legal, regulatory, funding and administrative issues that govern the use of benefits/compensation programs by financial institutions allows it to deliver a wide range of solutions to its clients.

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NAFCU-BFB Executive Compensation & Benefits Survey for Credit Unions

BFB Gallagher and NAFCU Services co-sponsors the NAFCU Executive Compensation & Benefits Survey of credit unions annually. Every participating credit union receives a copy of the summary report at no cost. The survey is conducted by independent research firm Clark Research Associates, LLC.

The 2016 NAFCU Executive Compensation and Benefits Survey report is now available. For more information about the study and to get copies, please email Liz Santos.

Educational Resources

Charitable Foundations: Getting Started (Webinar)Many credit unions are considering creating a charitable foundation as a way to provide institutional structure for their giving program. However, there are several preformation decisions to be made to be compliant with various federal and state laws.

With three out of ten credit union executives set to retire in the next five years, there is a recruiting frenzy taking place. Current CEOs, as well as other senior management executives, are being recruited into these positions. During this session, learn the pros and cons of nonqualified benefit plans (457, Split Dollar, Bonus) and how to combine the best features of each to achieve your goals.

This webinar explores a board
considering a nonqualified deferred compensation plan for executives must
understand how the plan and its funding will affect the credit union’s call
reports and, in the case of state-chartered credit unions, IRS Form 990.

Executive Benefits: Plan Servicing and Administration (Webinar)This webinar explores what you should look for in the service and administration of your executive benefit plans. You’ll learn how to evaluate your current or potential provider. Attendees will receive helpful checklists to streamline their evaluation.

Executive Benefits: The Dos and Don’ts of Vendor Selection (Webinar)Executive benefit plans have the power to recruit, reward, and retain your leadership team. Now that you’ve decided to implement these plans, how do you find the best vendor to help you achieve your goals? Beyond client lists and references, find out what you really need to know.

After almost eight years and several false alarms, the IRS may finally issue the new Section 457(f) regulations addressing nonqualified deferred compensation plans and severance plans. Two IRS attorneys speaking at separate events have expressed hope that the regulations will be released by this summer.

Executive benefit plans are a critical tool in recruiting, rewarding, and retaining your leadership team. A key concept in designing these plans is “fair and reasonable.” As expected, the NCUA has rules regarding fair and reasonable compensation. This webinar provides an overview of these rules and how to successfully navigate them to recruit and retain your leadership team. You will also learn the Board’s role in this process.

Best Practices for Choosing an Insurance Carrier for Executive Benefits (Webinar)Your credit union’s institutional life insurance
program is only as strong as its carriers. Although life insurance is one of
most regulated industries, the sheer volume of data available about the
carriers can complicate or delay the decision-making process. This webinar will
help you make sense of this data and provide a roadmap for selecting an
insurance carrier. Join your colleagues to learn about key metrics, data
sources, ratings, and more.

Purpose of an Executive Benefit Plan: Human Capital (Webinar)In the modern business climate, credit unions are looking at executive benefit plans as ways to recruit, reward and retain top talent. This webinar explores the fundamental purpose of executive benefits. It will look at your credit union’s greatest asset and how to achieve a shared success between the credit union and executives. Previous webinars of the BFB Executive Benefit Webinar Learning Series have looked at what plans are available, now Tom Telford will explain the purpose of these nonqualified plans.

Dr. Jack Clark from Clark Research Associates presented the results of the 2014 NAFCU-BFB Executive Compensation and Benefits Survey last month at the NAFCU Annual Conference. There were many tidbits in the presentation, but one topic caught my eye - the wide variety of incentives that Boards have used to create bonus plans for top executives.

Results of the 2014 NAFCU-BFB Survey of Executive Compensation and Benefits (Recorded Webinar) The annual NAFCU-BFB Survey of Executive Compensation and Benefits helps credit unions make informed decisions about executive compensation. In this webinar, Jack Clark of Clark Research Associates LLC, will review the findings of the 2014 survey.

Call Report Form and Instructions for Q1 2014 (Article)The NCUA recently issued its Call Report Form and
Instructions for Q1 2014. The document answers several questions credit unions
have had about reporting business-owned life insurance (BOLI) and split dollar
life insurance arrangements used to fund employee benefits.

BFB Gallagher Executive Benefits Learning Series (Webinar Series)In the modern business climate, credit unions must
recruit the best possible talent to compete in highly competitive markets.
This webinar
explores how credit unions of various asset sizes are using executive benefits
to recruit, retain, and reward their top executives.

Thousand-pound pumpkins don’t grow by chance, nor do great executive
benefit plans accidentally happen. Both require work, care, and
commitment from everyone involved if you’re hoping for results that will
set records or exceed expectations.

Loan Regime Split Dollar (Article)“Split dollar” refers to a broad array of arrangements where an employer and a key employee split the dollars in a life insurance policy. Since the IRS issued new regulations in 2003, the array has consolidated into two general regimes, one of which is the loan regime. The policy owner determines which regime applies. Loan regime applies when the executive owns the policy or when the executive and the credit union jointly own the policy and the executive is the first named owner.

Credit Union Industry Experts: What's in Store for 2013 (Blog Post)For our year-end blog post I asked our Preferred Partners to tell us what they see coming over the horizon, from their perspective, that credit union executives need to be focused on and/or prepared for as we head into 2013. Looking back a year, I see some common themes—revenue issues, economic uncertainty, regulatory uncertainty, and political uncertainty. Read more of this NAFCU Services Blog post.

In this edition, you will find "Credit Unions and the Struggling European Markets", an article by Rich Brock, President/CEO of Burns-Fazzi, Brock, more about the NAFCU-BFB Compensation Survey, a schedule of upcoming events, The Pumpkin King, and a BFB Foundation Update. Read more about these topics in this newsletter.

In order for credit unions to make informed decisions about executive compensation, a reliable survey is important. The NAFCU-BFB Survey was created to help credit unions understand the compensation and benefits of top federal credit union executives. In this recording, Jack Clark, from Clark & Chase Research, discusses what surveys are, some key factors you should consider when using a salary survey, and the relationship between credit union asset size and compensation. He also highlights the findings of the 2012 NAFCU-BFB Survey and how they found them.

Burns-Fazzi, Brock Selected as NAFCU Services Preferred Partner for Long-term Care Insurance (May 24, 2011)NAFCU Services Corporation today announced that Preferred Partner Burns-Fazzi, Brock has expanded its solution category to include long term care insurance for credit unions. Burns-Fazzi, Brock has been the NAFCU Services Preferred Partner for executive benefits and compensation since 2006. Late last year, the NCUA issued a letter affirming that federal credit unions can offer long term care insurance to board members.

Webcast Reviews Results of 2010 NAFCU Exec Survey (November 9, 2010)NAFCU Services Corporation (www.nafcu.org/nafcuservices) today released a free webcast with its Preferred Partner, Burns-Fazzi, Brock, on the results of the 2010 NAFCU Executive Compensation & Benefits Survey. Sponsored by NAFCU, NAFCU Services Corporation and Burns-Fazzi, Brock, the survey was open to all federal credit unions in 2010. Previously, just NAFCU members were eligible to participate.

Free Webcast Reveals Results of 2009 NAFCU Exec Compensation Survey (October 21, 2009)NAFCU Services Corporation today released a free webcast with its Preferred Partner, Burns-Fazzi, Brock, on the results of the 2009 NAFCU Executive Compensation & Benefits Survey. Sponsored by NAFCU, NAFCU Services Corporation and Burns-Fazzi, Brock, the survey is in its third year and was created to better understand the compensation and benefits offered to the top executives of NAFCU member credit unions.

Burns-Fazzi, Brock and NAFCU Services Offer Free Podcast on Exec Split Dollar PlansNAFCU Services Corporation and its Preferred Partner for executive compensation and benefits, Burns-Fazzi, Brock, today announced a free podcast that discusses the legal and tax requirements that credit union executives must address in order for their split dollar plans to be in compliance with new requirements by the end of 2008. If not amended by the end of 2008, the executive might be subject to significant penalties.

Burns-Fazzi, Brock and NAFCU Services Release 2007 Executive Compensation & Benefits Survey Findings (January 16, 2008)Burns-Fazzi, Brock and Associates and NAFCU Services Corporation recently announced the availability of the complete 2007 NAFCU Executive Compensation and Benefits Survey report. An 18-minute webcast summarizing the survey findings is now available at www.nafcu.org/bfb. Conducted by an independent research firm, Clark & Chase, the survey was sent to all NAFCU member CEOs last May. Initial findings were presented at NAFCU’s Annual Conference in July 2007 in Honolulu.